A multistage stochastic programming model for the New Zealand dairy industry |
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Authors: | Z Guan AB Philpott |
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Institution: | Department of Engineering Science, University of Auckland, New Zealand |
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Abstract: | This paper presents an application of multistage stochastic programming to a production planning problem for Fonterra, a leading company in the New Zealand dairy industry, taking into account uncertain milk supply, price–demand curves and contracting. We describe a model for Fonterra's supply chain, and a model for uncertain milk supply. We then present a multistage stochastic quadratic programming model and a decomposition algorithm to compute an optimal sales policy, which is tested in simulation against a deterministic policy. |
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Keywords: | Multistage stochastic quadratic programming Price-demand curve Sampling Uncertain supply Decomposition |
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